How are you self-funding tuition fees?

[HShep]

Hi all. Sorry for being such a dunce, as I'm sure this question has been dealt with several times over, but I can't seem to find the answer.

I am a mature student already with a degree (from the U.S.) and so ineligible for tuition fee funding. King's has told me that I am eligible for a maintenance loan, but need to self fund the tuition. How is everyone else doing this, aside from using up savings (not enough to cover me for the 4 years required) or banking on the lottery? Do banks here offer tuition fee loans?

Point me in the right direction if you can as I am floundering a bit.

Cheers!
HShep

[TheTool]

You can get a loan from certain banks i.e. Natwest. I think they are called personal development loans however most of them have an interest rate of 9% APR which would mean you could be in a lot of debt by the time you finish your degree.

[persianmd]

You can get a loan from certain banks i.e. Natwest. I think they are called personal development loans however most of them have an interest rate of 9% APR which would mean you could be in a lot of debt by the time you finish your degree.

I think you are referring to the Career Development Loan here as no banks do the Professional Development Loans any more. The only banks offering the Career Development Loan product are Barclays and Co-Op.

You can get between £300 and £10000, but need to apply 3 months before the course starts because it takes for ever to complete. 4.5% APR for Co-Op and 5% APR for Barclays for a 3 year period where capital and interest repayments are withheld, 9.9% thereafter. You need to repay within 7 years of taking the loan.

Repayments start on the 37th month, so if you take out the loan in Year 1, and you took £10000, then your paying £450 ish per month from your 4th year so probably a funding source for later years really so you can repay once earning.

You will also need to confirm with the SFA (Skills Funding Agency), check online for contact details, that

1) your institution is eligible for student support
2) your institution has been registered with them for student support if eligible
3) your course is eligible for student support
4) your course has been registered with them for student support if eligible.

If eligible but not registered (course or institution) you will need to facilitate discussion between University Registry/Fees Office and the SFA. Not challenging but will take time. I am currently going through this process at UCD (University College Dublin) to register the DN401 Graduate Entry Medicine course.

Also remember that it is subject to credit check, in the current economic climate, i have heard of some people being rejected as the banks tighten their belts on lending criteria.

Other sources of funding:

1. Individual Sponsorship - wealth benefactor
2. Grants and Scholarships - ie Rotary Clubs and Lion Clubs
3. Hardship and Student Assistance Funds
4. If in UK, NHS Bursary and SFE Student Loan.

Good luck, if you have any other questions, feel free to ask.